Registered number
07164304
Cheltenham Property Group Limited
Filleted Accounts
30 June 2023
Cheltenham Property Group Limited
Registered number: 07164304
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,101,604 2,448,168
Current assets
Debtors 4 197,829 196,686
Cash at bank and in hand 48,415 235,434
246,244 432,120
Creditors: amounts falling due within one year 5 (146,781) (141,501)
Net current assets 99,463 290,619
Total assets less current liabilities 3,201,067 2,738,787
Creditors: amounts falling due after more than one year 6 (2,559,096) (2,222,577)
Net assets 641,971 516,210
Capital and reserves
Called up share capital 10 10
Profit and loss account 641,961 516,200
Shareholders' funds 641,971 516,210
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S S Dhillon
Director
Approved by the board on 4 March 2024
The notes on pages 2 to 4 form part of these financial statements.
Cheltenham Property Group Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Turnover
Turnover, representing income received from the provision of golf activities and rental income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Long leasehold improvements Total
£ £ £ £
Cost
At 1 July 2022 2,443,908 68,084 27,007 2,538,999
Additions 612,261 47,240 - 659,501
Disposals - (10,048) - (10,048)
At 30 June 2023 3,056,169 105,276 27,007 3,188,452
Depreciation
At 1 July 2022 - 63,824 27,007 90,831
Charge for the year - 6,065 - 6,065
On disposals - (10,048) - (10,048)
At 30 June 2023 - 59,841 27,007 86,848
Net book value
At 30 June 2023 3,056,169 45,435 - 3,101,604
At 30 June 2022 2,443,908 4,260 - 2,448,168
4 Debtors 2023 2022
£ £
Trade debtors 1,452 584
Other debtors 196,377 196,102
197,829 196,686
Amounts due after more than one year included above 190,001 177,373
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 65,178 42,879
Other creditors 62,147 49,151
Trade creditors 446 3,153
Taxation and social security costs 19,010 46,318
146,781 141,501
Amounts owed to related parties are due on demand.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,468,616 1,175,896
Other creditors 1,090,480 1,046,681
2,559,096 2,222,577
7 Related party transactions
Debtors include £190,001 (2022: £177,373) owed by Satnam Investments Limited, a company in which S S Dhillon is a director.
Creditors due after more than one year include £328,676 (2022: £353,676) owed to J M D West, a director of the company, £32,500 (2022: £nil) owed to Aggregate Developments Limited, and £117 (2022: £517) owed to Cheltenham Property Investments Limited, companies in which S S Dhillon is a director.
8 Controlling party
There is no ultimate controlling party.
9 Other information
Cheltenham Property Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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